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Missed Fortune – Congress Must Stop Reckless Spending

Posted on | November 28, 2010

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Congress Considers Slowing Down

Could this be the beginning of a new phase in Congress?

They’re taking steps to ban earmarks and stop this frivolous pork-barrel spending that’s added billions in commitments during the last few years.

Meanwhile, The Washington Times reported that the White House and Republicans are edging closer to a deal on extending all of the George W. Bush-era tax breaks.

Obama wants to extend tax cuts for middle Americans but let them expire for the folks who already pay 90 percent of the taxes. The Republican philosophy for raising tax revenue is not to raise taxes, but to increase the amount of revenue being taxed.

Because of the 2001 and 2003 tax cuts, the government ended up with more tax revenue. Why don’t we learn from that lesson?

We’re in a serious recession and we’re not close to getting out of it. We have a spending problem in this country.

Government is not immune to the same restrictions consumers are. When consumers fall on tough times, we either decrease outgo or increase income. We don’t borrow more – that’s what government does.

Four years ago, our National Debt was $9 trillion. Now, it’s nearly $14 trillion. Every taxpayer’s share of our National Debt has gone up $50,000.

You can make yourself recession-proof. I can teach you how.

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